Yes, books and other necessary fees may be covered with your financial aid.
Financial aid may cover anything that falls under the cost of attendance, including room and board (on or off-campus).
If you leave school, you enter a six-month grace period. During this time, you do not have to make payments on your federal student loans. Your interest builds up and is added to your principal balance at the end of your grace period. After six months, your loan moves to a Student Repayment Plan.